1 / 5

Income Tax Returns

Income Tax Return (ITR) is a form that an individual submits to the Income Tax Department of India to file information about an individualu2019s income and taxes payable during that financial year. Information filed in an ITR should be applicable for a particular financial year between 1st April to 31st March of the next year.

Filing1
Télécharger la présentation

Income Tax Returns

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. IncomeTaxReturns IncomeTaxReturn(ITR)isaformthatanindividualsubmitstotheIncomeTaxDepartment ofIndiatofileinformationaboutanindividual'sincomeandtaxespayableduringthat financialyear.InformationfiledinanITRshouldbeapplicableforaparticularfinancialyear between1stAprilto31stMarchofthenextyear. TheIncomeTaxDepartmenthasprescribed7typesofITRforms,whicharetobeusedby taxpayersaccordingly.TheseformsareITR-1,ITR-2,ITR-3,ITR-4,ITR-5,ITR-6andthenew form,ITR-2S.Thesuitabilityofeachformwilldependonthenatureandamountofincome andthetypeoftaxpayer. IsFilingITRnecessary IfyouearnmorethanthelimitthatisexemptedfrombeingtaxedbytheGovernment,then youarecompulsorilyrequiredtofilethetaxreturn.IncomeTaxrulesdictatethatifyouearn morethanthelimitthatisexemptedfrombeingtaxedbytheGovernment,youare compulsorilyrequiredtofileyourtaxreturnaccordingtoeveryyear.FilingyourITR,postthe duedatemayattractapenaltyandalsobecomeadeterrentingettingaloanorvisa approvedinthefuture. Thegovernmenthasnowmadeitmandatoryforanindividualtofileincometaxreturnsif his/hertotalTDS/TCSduringthefinancialyearisRs25,000ormoreeveniftheindividual's incomeisbelowthebasicexemptionlimit.Theminimumamountthatanindividualneeds topayasincometaxdeductionatsource(TDS)hasbeenincreasedfromRs10,000toRs 15,000. TypesofITRForms 1. ITR-1 AlsoknownastheSahajForm,thisisanincometaxreturnformthatistobefiledbyan individualtaxpayer.Anyotherassesseewhoisliabletopaytaxisnoteligibletoavailofthis formforfilingtheirreturns. 2. ITR-2A

  2. TheITR-2Aformisforpeoplewhosesourceofincomeisthroughsalary.ItisalsousedbyTheITR-2Aformisforpeoplewhosesourceofincomeisthroughsalary.Itisalsousedby Hinduundividedfamiliesandindividualswhoearnadditionalincomefrommultiplesources suchascapitalgains,residentialpropertysalesandotherinvestments. 3. ITR-2 ITR-2Formismeantforindividualswhoearnincomefromsalaryorcapitalgains.Thisform isusefultopeoplewhosesourceofincomeisfromthesaleofassetsorpropertyinIndiaor fromanybusinessventure. 4. ITR-3 TheITR-3FormisusefulforindividualtaxpayersoraHinduUndividedFamily,whosolely operateaspartnersinafirmbutwhodonotconductanybusinessunderthefirm.Thisis alsoapplicableforindividualswhodonotearnanyincomefromthebusinessconductedby thefirm. 5. ITR-4 TheITR4Sisanincometaxreturnformwhichcanbeusedbyanindividualwhoconductsa businessorearnsincomethroughaprofession.Thisformisapplicableforalltypesof businesses,undertakingorprofession.AnyindividualwithanyprofessioncanfiletheirITR usingthisform. 6. ITR-4S TheITR-4SformisapplicableforanindividualorHUF.ItcanbeusedbyindividualsorHindu UndividedFamilywithincomebasedonapresumptivemethodofcalculation.Thisformis usefulinspecialcircumstancesandapplicabletobusinesseswhereanyincomeearnedis basedonapresumptivemethodofcalculation. 7. ITR-5 ITR-5formsareusedbylimitedliabilitypartnerships,artificialjudicialpersonsand associationsofpersons,amongothers. 8. ITR-6 TheITR-6formisusedbyallcompanies.Organisationsthatclaimtaxexemptionasper Section11oftheActarethoseinwhichtheincomereceivedisaccumulatedfromthe propertywhoseuseisexclusivelyforreligiousandcharitablepurposes.Thisreturncanonly befiledonline 9. ITR-7 Section139(4A)-Underthissection,returnscanbefiledbyindividualswhoreceiveincome fromanypropertythatisheldforthepurposeofcharityorreligionintheformofatrustor legalobligation

  3. WhoisrequiredtofileanITR? 1. Individualtaxpayerswithanincomeofmorethan2.5lakhsperyeararerequiredtopay taxatthetimeoffilingthereturn.Seniorcitizentaxpayersoftheagegroup60to79years andsuperseniorcitizens(80yearsandabove)whoarenotabletoclaimexemptions undersection91formedicaltreatment,transportallowanceetc.areexemptfrompaying taxes. 2. Aregisteredcompanywithyearlyincome,evenifithasnotmadeanyprofitduringthe period.Theprofitabilityofacompanyismeasuredbythecompany’sabilitytogenerate revenueandmakeaprofit. 3. Apersonwhohasfiledhistaxreturnsandinformedthegovernmentabouthisincome,he canclaimarefundonsurplusincometaxortaxthatwasdeductedfromtheannual income. 4. Anindividualwithanassetorotherfinancialinterestinacountrydifferentfromtheir residence. 5. AcompanyoutofIndiaisofferingatreatybenefittocompaniesintheUSformaking transactionswithinIndia. 6. NRIswhoearnabovethebasicyearlyexemptionlimitofRs2.5lakh,willfaceaforeigntax onincomefromcapitalgainsexceedingRs2.5lakh.Thisincludessaleofproperty,equity mutualfundsandnon-equityfunds,sharesanddebenturesandunitsofbusinesstrusts thatareheadquarteredinIndia. WhatarethedocumentsrequiredtofileITR 1. PanCard 2. Aadharcard 3. Form16 4. Form-16A/Form-16B/Form-16C 5. BankAccountdetails 6. Form26AS 7. HomeLoanStatement 8. Taxsavinginstument 9. CapitalGainDetails 10. RentalIncome

  4. 11. Foreignincome 12. DividentIncome HowtofileITRonline Step1:Visitthee-filingwebsitehttps://www.incometax.gov.in/iec/foportal Step2:RegisterorLogintoe-fileyourreturns •Incaseyouhaveregisteredyourselfontheportalearlier,clickonthe‘Login’Here’ button. •Incaseyouhavenotregisteredyourselfontheportal,clickonthe‘Register’Yourself’ button. Step3:Clickon‘Taxpayer’andthenenterthedetailsofyourPANandclickon ‘validate’.Next,clickon‘Continue’. Step4:Providedetailssuchasyourname,address,gender,residentialstatus,dateofbirth, etc. Step5:ProvideyourEmailIDandregisteredmobilenumber. Step6:Oncetheformhasbeenfilledup,clickon‘Continue’. Step7:Youwillhavetoverifythedetailsfollowingwhicha6-digitOneTimePassword(OTP) willbesenttoyourregisteredmobilenumberandEmailaddress. Step8:EntertheOTPfollowtheinstructionsgiventocompletetheregistrationprocess successfully. Step9:OncetheOTPhasbeenverified,anewwindowwillopenwhereyouwillhaveto verifythedetailsprovidedbyyou.Incaseanydetailgivenisincorrect,youcanchangeit, followingwhichanotherOTPwillbesenttovalidatethechange. Step10:Thefinalstepwillbesetupapasswordandsecureloginmessage. Step11:Clickon‘Register’followingwhichyouwillreceiveanacknowledgmentmessage statingthattheregistrationprocesshasbeencompletedsuccessfully. WiththeIncomeTaxRefundfeature,themoneythathasbeenpaidwillberefundedtothat particularindividualbytheGovernment.Thismeansthat,ifthereisanytaxleftover,thenit willbegivenback.Itcanbeclaimedundersection80CofIncomeTaxAct,1961.Theeligible taxesincludeallkindsofinvestmentsmadewithpostofficedepositsandbankfixed depositsalongwithmutualfundsandequityinvestments.

More Related